QuickBooks Self-Assessments
When a customer returns a product for a refund, you should use the ___ form
Credit Memo
When matching transactions in the Banking center, which of these indicates that a definite match has been located?
Green Match icon
Where can you find reports related to sales?
Reports-All Reports-Review Sales
To take a quick look at all past-due bills, you should:
click the orange Past Due section on the money bar in the Expenses center
Within the Chart of Accounts list, you can:
edit or change the account name, add a new account, merge accounts
Creating bank rules can simplify accounting in QuickBooks Online by:
suggesting the correct accounting categories prior to adding downloaded bank and credit card transactions
QuickBooks Online creates a default Chart of Accounts based on:
the business type selected during setup
Bank feed transactions can be imported from CSV and OFX formats
True
By default, QuickBooks Online automatically logs off if there is no activity for one hour
True
Categories can be added to the QuickBooks Online Products and Services list
True
FIFO is the inventory tracking method used in QuickBooks Online
True
One purpose of the Navigation bar is to provide access to the Sales, Expenses, and Employees centers
True
QuickBooks Online is constantly being updated and improved
True
Quickbooks Online Plus allows you to restrict users' access to some features
True
Some accounts on the Chart of Accounts cannot be deleted
True
The Chart of Accounts lists accounts for each transaction in your accounting system
True
The For Review folder in the Banking center is for all the transactions that need to be reviewed and matched
True
The Your Company menu is located in the Gear menu
True
Undeposited Funds is a unique asset account to hold funds that have been received but have not yet been deposited into a bank account
True
When reconciling bank and credit card accounts, the difference must always be zero
True
When you record a check written in QuickBooks Online, you must select the account in the register
True
You can import vendor information into QuickBooks Online
True
You can merge customers in QuickBooks Online
True
You can record purchases with a credit card in QuickBooks Online
True
You can view recent transactions on the Dashboard by clicking Search
True
Hector is a supplier who sells you products. Which list should you add him to?
Vendors
Where do you enable the inventory tracking feature in QuickBooks Online?
Account and Settings
You have received products in full for a purchase order, and the vendor has added a delivery charge. How do you record the charge?
Add the delivery charge as an account in the upper portion of the bill
At the end of an accounting period, which financial reports should be prepared?
Balance sheet and profit and loss statement
How does the QuickBooks Online bank feeds feature assist with daily cash flow?
By displaying the balance in bank and credit card accounts each day, by displaying the cleared transactions each day, by matching transactions to what is recorded in QuickBooks Online
To change your company address in the Company Settings, the first step is to click Search
False
To transfer funds from a checking account to a savings account, you would make a journal entry
False
Undeposited Funds is an account to use for unpaid invoices
False
When a previous sale on account is uncollectible, the best way to remove the amount from your balance sheet is to delete the invoice
False
When you purchase inventory, the Purchases account increases
False
You can customize the appearance of a bill form in QuickBooks Online
False
You can delete a vendor in QuickBooks Online
False
You can have two vendors with the same name
False
You can import customer and vendor lists only from Excel
False
You can reconcile only your banking accounts
False
You can set up a new vendor only from the Vendors list
False
You can set up bank rules only for money out transactions
False
You cannot access your QuickBooks Online subscription from any device except your PC
False
You cannot complete a sales form until you have set up all of the customer's information
False
You must have a product or service to create a purchase order
False
You must use a vendor name to create an expense
False
You should use the Bank Deposit form to record sales because it is faster
False
What does FIFO mean?
First in, first out
When setting up a new company file, which start date is best to choose?
First of the month
The Checking account is an
asset account associated with the balance sheet
Asset accounts include:
bank accounts
To enter a transaction for a service paid for using a debit card, you would:
choose Create-Vendors-Expense
What are the steps to create a new bank rule for money out?
Choose Banking-Bank Rules-New Rule
What are the steps to deposit proceeds from a bank loan?
Choose Create-Other-Bank Deposit and then enter the information and amount in Add New Deposits
It's often necessary to make adjustments to inventory quantities. How would you make those adjustments?
Choose Create-Other-Inventory Qty Adjustment link
What are the steps to reconcile bank and credit card accounts?
Choose Gear-Tools-Reconcile and then choose the account
The recommended Internet browser for Quickbooks Online is:
Chrome
The Accounts Payable Aging Summary report displays the number of days a bill is past due
False
The basic equation that governs accounting is
Assets=Liabilities+Equity
If you discover that you made an error recording an amount on a transaction during the reconciliation process, how would you fix it?
Click on the transaction and then click Edit to correct it
You can choose to label your customers:
Clients, Members, Tenants
You can upload your company logo into QuickBooks Online from the:
Company setting
How can you order a custom product for a specific customer?
Create a non-inventory product and a purchase order with the specific number
You have signed a two-year lease on an office rental at $300/month to be electronically deducted from your bank account. What is the most efficient way to record the automatic withdrawal each month?
Create a recurring expense for the next 24 months
How can you track Accounts Payable in QuickBooks Online?
Enter a bill and then pay it
How would you receive the products and the bill for products on a purchase order?
Enter a bill, select the vendor, add the purchase order, and save for payment later
Which inventory tracking method is used in QuickBooks Online Plus?
FIFO
A Vendor Balance Summary report is useful for knowing the total amount purchased from each vendor
False
A balance sheet is used to analyze the operating profit or loss of a business
False
A long-time customer has gone out of business; you can delete the customer
False
A non-inventory product is for supplies only
False
A vendor is a person or business you sell services or products to
False
Accrual-based accounting means you record income when you receive the payment
False
An Inventory Valuation Summary report provides only quantities on hand
False
Bank feeds can be set up only for the business's bank accounts
False
Budgets can be created in QuickBooks Online Simple Start
False
If you merge two accounts and discover you made a mistake, you can choose Un-Merge
False
If you record a check written to a new vendor, you must add a new vendor in the Expenses center and then record the check
False
In accrual-based accounting, you record expenses when you pay them
False
Individual products and services can be inactivated but not deleted
False
Inventory tracking in QuickBooks Online allows you to define the costing method
False
Only bank accounts are available in the Banking center in QuickBooks Online
False
Payroll cannot be done in QuickBooks Online Plus
False
QuickBooks Online Plus allows you to add only two users and two Accountant users
False
QuickBooks Online allows for partial shipment against a purchase order
False
What are the steps to create the balance sheet and profit and loss reports?
In the Reports center, choose Recommended Reports and then choose Balance Sheet or Profit and Loss
The difference between what you pay for an inventory product and the amount you sell it for is:
Income
Which report would you prepare to show all details of the inventory?
Inventory Valuation Detail
What are the three areas on the Dashboard that let you find and perform every feature and function you need in QuickBooks Online?
Navigation bar, top Navigation bar, Gear menu
Which subscription level allows for the creation of budgets?
Plus
You have paid for three months of storage on the first month. How should you record the payment?
Prepaid rent
What are the main three categories of lists?
Products and Services, Recurring Transactions, and Attachments
On the Dashboard you can easily access:
Sales and Expenses centers, Company settings, create transactions menu
Which type of accounts might you find in the Other Current Assets category of the Chart of Accounts?
Security deposits and prepaid expenses
Your company just started selling products, and you need to charge sales tax for products sold to your customers. What should you do?
Select Taxes from the Navigation bar
What two pieces of information do you need to reconcile your bank and credit card accounts?
Statement date and ending balance
What is the purpose of a journal entry?
To record transactions that don't have a specific form
The Help menu offers you:
Topic search, videos, links to contact Intuit
A sales receipt is used when you are collecting payment at the time of sale
True
When reconciling bank or credit card accounts, when is it okay to click the Finish Now button?
When the Difference is 0.00